3. Draw and explain increase in supply with the help of table given below.Price (RO) Quantity Supplied (S) Increase in Quantity Supplied (S1)11021532042515202530

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Answered: 3. Draw and explain increase in supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table presents the monthly demand and supply in the market for sweatpants in Miami. Price Quantity Demanded (Dollars per pair of sweatpants) (Pairs of sweatpants) 6 12 18 24 30 PRICE (Dollars per pair of sweatpants) 36 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. (?) 30 + 18 0 0 300 1,650 1,350 1,200 900 750 600 900 1200 QUANTITY (Pairs of sweatpants) 1500 Quantity Supplied (Pairs of sweatpants) 1800 300 600 750 1,350 1,800 Demand O Supply ++ Equilibrium
Suppose that for years East Confetti's short-run Phillips Curve was such that each 1 percentage point increase in its unemployment rate was associated with a 4 percentage point decline in its inflation rate. Then, during several recent years, the short-run pattern changed such that its inflation rate rose by 3 percentage points for every 1 percentage point drop in its unemployment rate. Graphically, did East Confetti's Phillips Curve shift upward or did it shift downward? |(Click to select) V
P A D quantity Refer to Figure 4-1. The movement from point A to point B on the graph shows a(n) a. decrease in demand. b. increase in demand. C. decrease in quantity demanded. d. increase in quantity demanded.
Price (dollars per bottle) Price 2.50 (dollars per bottle) 2.00 2.00 1.50 1.50 1.00 1.00 D D 3 0.50 0.50 0 2 What changes occur in the graph of Tina's demand curve as the price of bottled water rises? As the price rises, Tina's quantity demanded as she moves A. increases; up B. increases; down C. decreases; down D. decreases; up Quantity (bottles per day) A 0 B 1 C 2 I A B Demand curve C along her demand curve.
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Exercise 3. Tablets and laptops are substitutes. Due to manufacturer related issues, there is a deep shortage of tablet-specific parts. What would you expect to happen to the market (prices, supply, demand, quantity sold) shortly after the parts shortage in for each of the following products: Tablets? Laptops? You can answer each point above with a labeled graph or explain in words, taking into account the differences between a change in the demand (curve) and a change in quantity demanded.
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4. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good. PRICE (Dollars per unit)QUANTITY (Units)Demand0W14010X9035Y7045Z2070 For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between Y and Z Between X and Y Between W and X True or False: The value of the price elasticity of demand is equal to the slope of the demand curve. True False

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3. Draw and explain increase in supply with the help of table given below. Price (RO) Quantity Supplied (S) Increase in Quantity Supplied (S1) 1 10 2 15 3 20 4 25 15 20 25 30